Silverfin false 30/03/2023 01/04/2022 30/03/2023 David Charles Phelps 18/04/2012 18 March 2024 The principal activity of the Company during the financial period was that of art dealers and framers. 08034799 2023-03-30 08034799 bus:Director1 2023-03-30 08034799 2022-03-31 08034799 core:CurrentFinancialInstruments 2023-03-30 08034799 core:CurrentFinancialInstruments 2022-03-31 08034799 core:Non-currentFinancialInstruments 2023-03-30 08034799 core:Non-currentFinancialInstruments 2022-03-31 08034799 core:ShareCapital 2023-03-30 08034799 core:ShareCapital 2022-03-31 08034799 core:RetainedEarningsAccumulatedLosses 2023-03-30 08034799 core:RetainedEarningsAccumulatedLosses 2022-03-31 08034799 core:LeaseholdImprovements 2022-03-31 08034799 core:FurnitureFittings 2022-03-31 08034799 core:LeaseholdImprovements 2023-03-30 08034799 core:FurnitureFittings 2023-03-30 08034799 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-30 08034799 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 08034799 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-03-30 08034799 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-03-31 08034799 core:CurrentFinancialInstruments core:Secured 2023-03-30 08034799 bus:OrdinaryShareClass1 2023-03-30 08034799 2022-04-01 2023-03-30 08034799 bus:FullAccounts 2022-04-01 2023-03-30 08034799 bus:SmallEntities 2022-04-01 2023-03-30 08034799 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-30 08034799 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-30 08034799 bus:Director1 2022-04-01 2023-03-30 08034799 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-30 08034799 core:FurnitureFittings 2022-04-01 2023-03-30 08034799 2021-09-30 2022-03-31 08034799 core:LeaseholdImprovements 2022-04-01 2023-03-30 08034799 core:CurrentFinancialInstruments 2022-04-01 2023-03-30 08034799 core:Non-currentFinancialInstruments 2022-04-01 2023-03-30 08034799 bus:OrdinaryShareClass1 2022-04-01 2023-03-30 08034799 bus:OrdinaryShareClass1 2021-09-30 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08034799 (England and Wales)

SURRIDGE GALLERIES LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2022 to 30 March 2023
Pages for filing with the registrar

SURRIDGE GALLERIES LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2022 to 30 March 2023

Contents

SURRIDGE GALLERIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 March 2023
SURRIDGE GALLERIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 March 2023
Note 30.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 1,806 2,257
1,806 2,257
Current assets
Stocks 0 205,000
Debtors 4 104,544 29,743
Cash at bank and in hand 5,832 524
110,376 235,267
Creditors: amounts falling due within one year 5 ( 639,641) ( 832,866)
Net current liabilities (529,265) (597,599)
Total assets less current liabilities (527,459) (595,342)
Creditors: amounts falling due after more than one year 6 ( 21,511) ( 31,778)
Net liabilities ( 548,970) ( 627,120)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 548,971 ) ( 627,121 )
Total shareholder's deficit ( 548,970) ( 627,120)

For the financial period ending 30 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Surridge Galleries Limited (registered number: 08034799) were approved and authorised for issue by the Director on 18 March 2024. They were signed on its behalf by:

David Charles Phelps
Director
SURRIDGE GALLERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
SURRIDGE GALLERIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2022 to 30 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Surridge Galleries Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 11-15 Bedford Street, Exeter, EX1 1GG.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £680,018. The Company is supported through loans from the bank and the director via loans from associated companies. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Period from
01.04.2022 to
30.03.2023
Period from
30.09.2021 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 3 3

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 60,773 18,152 78,925
At 30 March 2023 60,773 18,152 78,925
Accumulated depreciation
At 01 April 2022 60,773 15,895 76,668
Charge for the financial period 0 451 451
At 30 March 2023 60,773 16,346 77,119
Net book value
At 30 March 2023 0 1,806 1,806
At 31 March 2022 0 2,257 2,257

4. Debtors

30.03.2023 31.03.2022
£ £
Amounts owed by Parent undertakings 1 1
Amounts owed by fellow subsidiaries 88,156 0
VAT recoverable 16,387 29,742
104,544 29,743

5. Creditors: amounts falling due within one year

30.03.2023 31.03.2022
£ £
Bank loans and overdrafts (secured) 10,155 83,917
Trade creditors 310,329 407,761
Amounts owed to fellow subsidiaries 0 184,371
Accruals 6,891 4,521
Other taxation and social security 20,189 45,595
Other creditors 292,077 106,701
639,641 832,866

Bank loans and overdrafts are secured by way of a fixed charge against the company's assets.

6. Creditors: amounts falling due after more than one year

30.03.2023 31.03.2022
£ £
Bank loans (secured) 21,511 31,778

Bank loans and overdrafts are secured by way of a fixed charge against the company's assets.

7. Called-up share capital

30.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.03.2023 31.03.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,551 1,730

9. Related party transactions

Transactions with owners holding a participating interest in the entity

30.03.2023 31.03.2022
£ £
Triton Galleries (Dartmouth) Limited, a company under common control, creditor (76,206) (28,406)
Triton Galleries (Devon) Limited, a company under common control, creditor (214,320) (76,565)